Material Underpayment definition

Material Underpayment shall have the meaning set forth in Section 4.11.
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Material Underpayment means the greater of 5% of the amount due to ▇▇▇▇▇▇ pursuant to Section 7.1 or $10,000.
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Examples of Material Underpayment in a sentence

  • If such independent certified public accountant's report shows any underpayment, DJ Pharma shall remit to Dura within thirty (30) days after DJ Pharma's receipt of such report (i) the amount of such underpayment to Dura and (ii) if such underpayment to Dura exceeds five percent (5%) of the total amount owed for the calendar year then being audited ("Material Underpayment"), the reasonable fees and expenses of such independent certified public accountant performing the audit.

  • Licensor shall bear the full cost of such audit unless such audit discloses an underpayment by Licensee of more than ten percent (10%) of the amount due for any calendar quarter (a “Material Underpayment”) under this Agreement, in which case, Licensee shall bear the full cost of such audit and shall promptly remit to Licensor the amount of such Material Underpayment.

  • If either (a) a Material Underpayment is found or (b) an independent auditor determines that there are insufficient records to support the calculation of the royalty payments due under this Agreement, then Licensor shall have the right, at its expense, to audit Licensee quarterly for the two calendar years succeeding the applicable triggering event.

  • If any subsequent audit contemplated by the previous sentence reveals a Material Underpayment, the cost of such subsequent audit shall be borne by Licensee.

  • If any subsequent audit contemplated by the previous sentence reveals a Material Underpayment, the cost of such subsequent audit shall be borne by Virpax.

  • If either (a) a Material Underpayment is found or (b) an independent auditor determines that there are insufficient records to support the calculation of the royalty payments due under this Agreement, then Lipocure shall have the right, at Virpax’s expense, to audit Virpax quarterly for the two calendar years succeeding the applicable triggering event.

  • Vactech shall bear the full cost of such audit unless such audit discloses an underpayment by Provention of more than five percent (5%) of the amount due for any calendar quarter (a “Material Underpayment”) under this Agreement, in which case, Provention shall bear the full cost of such audit and shall promptly remit to Vactech the amount of such Material Underpayment.

  • If either (a) a Material Underpayment is found or (b) an independent auditor determines that there are insufficient records to support the calculation of the royalty payments due under this Agreement, then Vactech shall have the right, at its expense, to audit Provention quarterly for the two calendar years succeeding the applicable triggering event.

  • Any such underpayment that exceeds [***] percent ([***]%) of the amount actually due to Licensor for the year under audit shall be considered a “Material Underpayment.” If Licensee makes a Material Underpayment more than once, Licensee shall reimburse Licensor for the actual cost of the audit for such period or US$[***], whichever is less.

  • Lipocure shall bear the full cost of such audit unless such audit discloses an underpayment by Virpax of more than five percent (5%) of the amount due for any calendar quarter (a “Material Underpayment”) under this Agreement, in which case, Virpax shall bear the full cost of such audit and shall promptly remit to Lipocure the amount of such Material Underpayment.

Related to Material Underpayment

  • Material Event of Default means any Event of Default arising under Section 10.01(a), 10.01(b) (solely with respect to a default related to Section 8.01, 8.20 or 9.13), 10.01(f), 10.01(i), 10.01(j), 10.01(n) or 10.01(o).

  • Potential Material Event means any of the following: (i) the possession by the Company of material information not ripe for disclosure in the Registration Statement, which shall be evidenced by determinations in good faith by the Board of Directors of the Company that disclosure of such information in the Registration Statement would be detrimental to the business and affairs of the Company, or (ii) any material engagement or activity by the Company which would, in the good faith determination of the Board of Directors of the Company, be adversely affected by disclosure in the Registration Statement at such time, which determination shall be accompanied by a good faith determination by the Board of Directors of the Company that the Registration Statement would be materially misleading absent the inclusion of such information.

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Principal Underwriter shall have the meanings given them in the 1940 Act.

  • financial undertaking means any of the following entities: